Equitable Holdings
EQHNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $55.86 Prior regular-session close from the quote source.
- $55.50–$56.33 Regular-session low and high so far today.
- 1.3M Regular-session shares traded · Nov 12, 4:00 PM ET.
- Feb 3 projected Projected for 2027-02-03 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $35.20–$56.83 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own EQH if Equitable is an integrated retirement manufacturer, asset manager (through AllianceBernstein) and distribution platform whose value comes from converting AB's investment performance and recurring fees into product sales while using reinsurance and novations to shrink.
EQH price history
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Investment thesis
What must happen next
The integrated three-franchise model (Retirement manufacturer + AB asset manager + Equitable Advisors distribution) will sustain recurring fee and investment-related revenue that cushions insurance spread volatility and supports overall revenue stability.StrengtheningMateriality: High
Business text: explicit strategy to participate across the retirement value chain and the claimed $1.1 trillion of assets under management and administration as of 12/31/2025. If true, fee and asset-management cash will make overall earnings less cyclical and support capital rebuilding; if false, the company remains highly exposed to insurance spread and market swings and earnings stay volatile.
Watch: Sustained AB net outflows or multi-quarter organic AUM underperformance relative to peers that reduce fee income.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Business text: explicit strategy to participate across the retirement value chain and the claimed $1.1 trillion of assets under management.
Open source ↗The RGA 75% quota-share reinsurance and related trusts materially reduce mortality/reserve volatility and regulatory capital strain, enabling the company to release capital and stabilize equity over time.HoldingMateriality: High
MD&A: RGA Reinsurance Transaction ceded a 75% quota share of in-force individual life blocks and deposited assets into trust accounts with investment guidelines and capital triggers. Successful risk transfer lowers the chance of future large reserve hits, reduces capital volatility and makes earnings and book value less sensitive to insurance experience.
Watch: Counterparty failure or severe impairment at RGA (or inadequate collateralization) that forces the company to recognize additional losses or restore reserves.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A: RGA Reinsurance Transaction ceded a 75% quota share of in-force individual life blocks and deposited assets into trust accounts.
Open source ↗Novation and reinsurance of legacy variable annuity guarantees are primarily one-time de-risking charges; continued execution will reduce recurring earnings volatility from guaranteed benefits and allow net income to normalize once large legacy items are closed out.HoldingMateriality: Medium
MD&A: Novation of legacy VA policies resulted in a $499M pre-tax loss (Q1 2025) and related balance-sheet reductions (MRB assets and liabilities), presented as a discrete transaction. If legacy guarantees are being permanently removed at manageable cost, future earnings should be less volatile and capital needs decline; if large guarantees remain, the company can expect recurring hit to earnings and capital.
Watch: Discovery of additional large legacy guarantee cohorts or adverse hedging outcomes that require further novations/reinsurances at significant cost.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A: Novation of legacy VA policies resulted in a $499M pre-tax loss (Q1 2025) and related balance-sheet reductions (MRB assets.
Open source ↗AllianceBernstein's fee generation and cash flow provide a recurring, higher‑quality source of operating cash that can offset insurance spread pressure and support the firm's operating cash flow profile.StrengtheningMateriality: Medium
Business text: AB is described as a global active asset manager and is integrated into the enterprise strategy. If AB continues to generate steady fees and net flows, Equitable's consolidated operating cash flow will be less dependent on insurance investment spreads and reserve movements.
Watch: Sustained AB fee pressure from performance lag / client outflows that materially reduce fee income and cash generation.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Business text: AB is described as a global active asset manager and is integrated into the enterprise strategy.
Open source ↗The company’s elevated cash balance provides a near-term liquidity buffer that reduces the immediate risk of forced capital raises while management executes de-risking.StrengtheningMateriality: Medium
Fundamentals: cash and cash equivalents rose to $12.462B at 12/31/2025 from $6.964B at 12/31/2024. A large cash buffer buys time for reinsurance/novation plans to work and lowers the chance of dilutive capital actions; loss of that buffer would materially change financing risk.
Watch: Unexpected regulatory capital demands or large adverse reserve developments that force consumption of cash and require external capital.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Fundamentals: cash and cash equivalents rose to $12.462B at 12/31/2025 from $6.964B at 12/31/2024.
Open source ↗
Full investment case & evidence
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Original research
The integrated three-franchise model (Retirement manufacturer + AB asset manager + Equitable Advisors distribution) will sustain recurring fee and investment-related revenue that cushions insurance spread volatility and supports overall revenue stability. If true, fee and asset-management cash will make overall earnings less cyclical and support capital rebuilding; if false, the company remains highly exposed to insurance spread and market swings and earnings stay volatile.
The RGA 75% quota-share reinsurance and related trusts materially reduce mortality/reserve volatility and regulatory capital strain, enabling the company to release capital and stabilize equity over time. Successful risk transfer lowers the chance of future large reserve hits, reduces capital volatility and makes earnings and book value less sensitive to insurance experience.
Novation and reinsurance of legacy variable annuity guarantees are primarily one-time de-risking charges; continued execution will reduce recurring earnings volatility from guaranteed benefits and allow net income to normalize once large legacy items are closed out. If legacy guarantees are being permanently removed at manageable cost, future earnings should be less volatile and capital needs decline; if large guarantees remain, the company can expect recurring hit to earnings and capital.
AllianceBernstein's fee generation and cash flow provide a recurring, higher‑quality source of operating cash that can offset insurance spread pressure and support the firm's operating cash flow profile. If AB continues to generate steady fees and net flows, Equitable's consolidated operating cash flow will be less dependent on insurance investment spreads and reserve movements.
The company’s elevated cash balance provides a near-term liquidity buffer that reduces the immediate risk of forced capital raises while management executes de-risking. A large cash buffer buys time for reinsurance/novation plans to work and lowers the chance of dilutive capital actions; loss of that buffer would materially change financing risk.
All standing thesis claims
Original report summary
Equitable is an integrated retirement manufacturer, asset manager (through AllianceBernstein) and distribution platform whose value comes from converting AB's investment performance and recurring fees into product sales while using reinsurance and novations to shrink.
Bull case and bear case
Bull case and bear case for Equitable Holdings
Where the evidence on Equitable Holdings stands: Holding on the latest evidence (Nov 12, 2026). Of its 5 thesis points, 3 strengthening and 2 holding.
Bull case: what the evidence supports
The integrated three-franchise model (Retirement manufacturer + AB asset manager + Equitable Advisors distribution) will sustain recurring fee and investment-related revenue that cushions insurance spread volatility and supports overall revenue stability.
The RGA 75% quota-share reinsurance and related trusts materially reduce mortality/reserve volatility and regulatory capital strain, enabling the company to release capital and stabilize equity over time.
Novation and reinsurance of legacy variable annuity guarantees are primarily one-time de-risking charges; continued execution will reduce recurring earnings volatility from guaranteed benefits and allow net income to normalize once large legacy items are closed out.
AllianceBernstein's fee generation and cash flow provide a recurring, higher‑quality source of operating cash that can offset insurance spread pressure and support the firm's operating cash flow profile.
The company’s elevated cash balance provides a near-term liquidity buffer that reduces the immediate risk of forced capital raises while management executes de-risking.
Bear case: what would count against it
Sustained AB net outflows or multi-quarter organic AUM underperformance relative to peers that reduce fee income.
Counterparty failure or severe impairment at RGA (or inadequate collateralization) that forces the company to recognize additional losses or restore reserves.
Discovery of additional large legacy guarantee cohorts or adverse hedging outcomes that require further novations/reinsurances at significant cost.
Thesis-Break Engine
What has broken in Equitable Holdings’s thesis
Each break OptimistFi flagged on Equitable Holdings, dated — with what has historically followed the same kind of break across the market, not a forecast for Equitable Holdings.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
- Insider-selling clustercondition set before this filing
Across all companies, this kind of break has happened 9,137 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 30% of them trailed it by 10 points or more.
Several kinds of break have stacked on Equitable Holdings at once. A cluster is a stronger read than any one signal alone.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
No assessed change was returned in this research window. That can reflect a quiet period or a coverage limit.
Risks / falsifiers
What could break the thesis
- Sustained AB net outflows or multi-quarter organic AUM underperformance relative to peers that reduce fee income.
- Counterparty failure or severe impairment at RGA (or inadequate collateralization) that forces the company to recognize additional losses or restore reserves.
- Discovery of additional large legacy guarantee cohorts or adverse hedging outcomes that require further novations/reinsurances at significant cost.
- Sustained AB fee pressure from performance lag / client outflows that materially reduce fee income and cash generation.
- Unexpected regulatory capital demands or large adverse reserve developments that force consumption of cash and require external capital.
EQH news
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Financial statements
EQH income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
EQH: quick answers
- When does Equitable Holdings (EQH) report earnings next?
- Equitable Holdings's next results are projected for February 3, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 2, 2026. Earnings calendar
- What is EQH's short interest?
- As of October 30, 2026, 5.2M EQH shares were sold short, 1.96% of its shares outstanding, down 9.8% from the count before. At the stock's average daily volume that is 1.9 days to cover. FINRA publishes the count twice a month. EQH short interest history
- Have members of Congress traded EQH?
- 34 trades in EQH have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed EQH trade
- Which well-known investors own EQH?
- 2 of the 37 well-known funds tracked here reported EQH shares in their latest 13F filings. By share of the fund's portfolio: Viking Global Investors (Andreas Halvorsen), 0.7%; Bridgewater Associates (Ray Dalio), 0.1%. Fund portfolios
EQH in well-known investors’ portfolios
2 of 37 funds reported EQH shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Andreas HalvorsenViking Global Investors | 0.68% | $237M | New | Q2 2026 |
| Ray DalioBridgewater Associates | 0.05% | $11.5M | −43.1% | Q2 2026 |